Dr. Kayode Farinto, former acting President of Association of Nigeria Licensed Custom Agent (ANLCA), highlighted the detrimental impact of fluctuating exchange rates on the import/export sector, advocating for a quarterly predictive exchange rate system to stabilise customs operations.
It discovered that the customs exchange rate on the Nigerian trade hub portal indicated a 5.3 per cent reduction between old and new prices even as importers are set to benefit from lower clearance costs, as import duties are tied to the dollar rate.
The move aims to alleviate financial burdens on importers and streamline customs procedures amid economic uncertainties caused by exchange rate fluctuations.
By implementing a more stable exchange rate regime, the CBN seeks to enhance predictability and support economic activities within the import/export sector.
ALCHEMPro News Desk (DR)
Receive daily prices and market insights straight to your inbox. Subscribe to AlchemPro Weekly!
marketing@alchempro.com
